e KYC

Bank Negara Malaysia (BNM) has announced that by October 2017, standards for the electronic Know-Your-Customer (e-KYC) are expected to be finalized. BNM will be issuing proposed regulatory parameters for the conduct of e-KYC processes for remittance transactions. Thus, the existing requirements for face-to-face verifications for onboarding new customers would be removed for companies that received…